The Colombia metal fabrication equipment market size is anticipated to expand at a substantial CAGR during the forecast period, 2021-2028. The growth of the market is attributed to rapid industrialization and increasing foreign investments.
Metal fabrication equipment comprises of number of individual components that are used to fabricate or built the component or machine into a single functional unit. Metal fabrication process includes cutting, machining, stamping, welding, and finishing.
The metalworking and fabrication industry in Columbia has highly contributed to the development and upliftment of other sectors of the economy, which includes construction, automotive, and machinery. Geographically, Colombia is in a key location to the development and innovation of the productive projects in the metalworking and fabrication industry.
The Government of Columbia provides incentives, such as free trade zones and a stimulus plan for productivity and employment, along with incentives for job creation, which reduces production costs for companies present in Colombia and serve the domestic market and exports from Colombia.
Market Trends, Drivers, Restraints, and Opportunities:
- Tariff preferences on several products in various industries in the country is one of the major drivers that is contributing to the growth of the Colombia metal fabrication equipment market.
- Implementation of good manufacturing practices allow high product quality, which in turn, is expected to augment the market growth.
- High cost of raw materials can restrain the growth of the market.
- Lack of presence of metal fabrication equipment online can hinder the market growth in the projected timeline.
- The outbreak of COVID-19 has negatively impacted the Colombia metal fabrication equipment market. However, the market is anticipated to recover soon.
- Ongoing technological advancements such as automation and 3D printing and efforts to develop customized equipment are expected to propel the market growth.
- Rapid growth of the automotive industry and rising foreign investments, which will lead to establishment of manufacturing plants, are expected to create lucrative opportunities during the forecast period.
Scope of the Metal Fabrication Equipment Market Report
The report on the Colombia metal fabrication equipment market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes
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Details
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Report Title
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Metal Fabrication Equipment Market - Colombia Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Types (Automatic and Manual), End-use Industries (Oil & Gas, Manufacturing, Power and Utilities, Construction, and Others)
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Ternium, Gerdau, PRAMEC SAS, and Colfax
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Colombia Metal Fabrication Equipment Market Segment Insights:
Automatic segment to grow at a rapid pace
Based on types, the market is divided into automatic and manual. The automatic segment is anticipated to account for a key share and is anticipated to grow at a steady rate during the forecast period. The Colombia metal fabrication market is competitive, thus the manufacturers are increasingly aiming to embrace digital technology trends to automate the fabricating processes. Continuously evolving designs and material combinations in the automobile manufacturing is driving the segment growth. The advancements in technologies and ease of operations have increased the demand for these equipment across various industries. However, the manual segment is expected to expand at a healthy CAGR. Rising number of numbers of skilled labors is driving the segment growth.
Manufacturing segment to account a major market share
Based on end-use industries, the market is divided into oil & gas, manufacturing, power and utilities, construction, and others. The manufacturing segment is anticipated to account for a major share due to rising demand for fabrication process for the manufacturing of various products. The manufacturing industry has been the key driver for the growth of the overall economy in the country. Rising Manufacturing of appliances, toys, and larger structures such as furnaces, duct-work, and heavy machinery is contributing to the segment growth.
Segments
The Colombia metal fabrication equipment has been segmented on the basis of
Types
End-use Industries
- Oil & Gas
- Manufacturing
- Power and Utilities
- Construction
- Other End-use Industries
Key Players
Competitive Landscape
The major players of the market are Ternium, Gerdau, PRAMEC SAS, and Colfax.
Companies are focusing on innovation, expansion, and acquisitions to expand their market share. With the consequent decline in product demand and fluctuations in global economic growth due to the COVID-19 pandemic, manufacturers are reducing the cost for smaller lot sizes without compromising on the quality of products, which is driving the growth of the market. Major industry players are focusing on engaging in partnerships with local industry players to expand their market share.
